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EUR/USD approaches 2003 low

© Dukascopy Bank SA
"If Greece wants that, one can of course negotiate with the three institutions which we should no longer call the troika, but which is the troika."
- Wolfgang Schauble, German Finance Minister (based on Bloomberg)

Pair's Outlook
On Monday, EUR/USD failed to rebound noticeably and added just 20 pips during trading, by reaching 1.0850 mark. Moreover, decline resumed in the early morning of Tuesday and currently the pair is already testing 1.08 major level. In case of success, the next demand zone at 1.0759 (2003 low) will be under the risk of being breached in the near term. While this support is only reinforced by the Bollinger band at 1.0767, outlook for the pair remains fairly negative. 

Traders' Sentiment
Bullish opened positions at the SWFX market are accounting for 52% on Tuesday, no change during past 24 hours of trading. Additionally, pending orders to buy the Euro against the US Dollar in 100-pip range dropped to just 28% this morning. 

© Dukascopy Bank SA


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